More

    Blockstream CEO Says, $100k Bitcoin Price Doesn't Seem So Far Now

    • Analyst Mati Greensapn finds Bitcoin contributor Hal Finney’s $300 trillion Bitcoin valuation a conservative one
    • We are closer than along the path of hyperbitcoinization – Adam Back

    Popular analyst PlanB who first used the stock-to-flow model to determine Bitcoin price shared a note written by Hal Finney, a computer scientist and noted cryptographer known in the crypto community for his contribution to the development of the Bitcoin network.

    The note from years back talks about the scenario of Bitcoin becoming successful and a dominant payment system in use throughout the world. In that scenario, he projects

    “the total value of the currency should be equal to the total value of all the wealth in the world.”

    That would put BTC in the range of $100 trillion to $300 trillion, based on the estimated value of total worldwide household wealth. As per this, each bitcoin gets a value of about $10 million.

    But even this is a conservative number as Mati Greenspan, founder of newsletter Quantum Economics, points out,

    “he didn't account for lost coins. His estimate of total world wealth is way small. Perhaps considered conservative when he wrote it but today it's probably closer to a few quadrillion.”

    This much wealth will put Bitcoin even beyond a million dollars.

    “Even if the odds of Bitcoin succeeding to this degree are slim, are they really 100 million to one against?” concluded Finney. And this is another reason, “quant investors like bitcoin.”

    The Path to Hyperbitconization

    Blockstream founder and CEO, Adam Back says in the current world of negative interest rates, MMT (Modern Monetary Theory) and inflation, we are closer to the path of hyperbitcoinzation.

    “It's closer than it sounds as along the path of hyperbitcoinization, the USD inflation rises, eg aided by Modern Monetary Theory rationale for high inflation, so $1 becomes worth say 10c over a decade or two of monetary craziness, then $10mil/BTC is $1mil/BTC in today's money.”

    $100k per Bitcoin is also not too far away, according to him, given that Bitcoin has already surpassed $10,000 several times. Currently, we are trading at $8,150, up 11.39% year-to-date. Back said:

    “And $100k Bitcoin doesn't seem so far given we already crossed $10k threshold a few times when few expected even $1k some years back and $10k seemed crazy.”

    Analyst PlanB who has predicted around $50k to $100k BTC top this time “totally agree” with this as he says,

    “Must admit that I probably would not have this level of confidence (and interest) in bitcoin, if I would not have had 20+ years experience investing $100B AUM and personally seeing the unintended consequences of quantitative easing (QE) and negative interest rates.”

    Back says it’s “2017 all over.”

    Bitcoin (BTC) Live Price

    1 BTC/USD =$8,976.0410 change ~ 3.95%

    Coin Market Cap

    $163.24 Billion

    24 Hour Volume

    $6.59 Billion

    24 Hour VWAP

    $8.91 K

    24 Hour Change

    $354.3411

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    AnTy
    AnTy
    AnTy has been involved in the crypto space full-time for over a year now. Before his blockchain beginnings, he worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,266FansLike
    2,732FollowersFollow
    4,090FollowersFollow

    Live Bitcoin Price & Latest BTC Chart News

    Today's Latest Crypto News

    Swiss Private Banking Giant Julius Baer Adds Digital Asset Trading And Crypto Custody Services

    The major Swiss wealth management and private banking group Julius Baer just launched, in partnership with Seba, its new custodial and trading cryptocurrency services. The...

    Iran's Ministry of Industries, Mining, and Trade Grant More Than 1,000 Crypto Miners Licenses

    Iran is regulating crypto miners after a new licensing regime has been introduced by the country’s government. According to an official representative from the Iranian...

    CME Gaps for Bitcoin Price Fill over 95% of the Time: Research

    CME Gaps are popular topics that frequently get talked about in the crypto market, which usually has seen Bitcoin dumping. These Gaps occur because unlike...

    The Upcoming Cut in Bitcoin Supply Means Zero for BTC Price Says, Analyst

    Searches for bitcoin halving on Google Trends on an uptrend “Makes no sense” to discuss if the halving is priced in says economist...

    WEF's New Global Consortium To Focus On Cryptocurrency Governance Framework

    The World Economic Forum (WEF) has announced the creation of a global consortium which will come up with a governance framework for all cryptocurrencies...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.